Sellers' market conditions continue in April

 

City of Calgary, May 2, 2022 –  Following an all-time record high month of sales in March, activity slowed down in April. However, with 3,401 sales, it was still a gain of six per cent over last year and a record high for the month of April. 

“Despite some of the monthly pullback, it is important to note that sales remain exceptionally strong and are likely being limited due to supply choice in the market,” said CREB® Chief Economist Ann-Marie Lurie. “While further rate increases will likely start to dampen demand later this year, more pullbacks in new listings this month are ensuring the market continues to favour the seller, resulting in further price gains."

New listings trended down relative to last month and levels recorded last year. With the sales-to-new listings ratio remaining above 74 per cent, there was not much of a shift in overall inventory levels.

With 4,850 units in inventory, we are nowhere near record low inventory levels, however, levels are far lower than what was recorded in April since 2014. What has changed in the market is the composition of the inventory levels. When comparing inventories today to what was available in 2014, we can see that detached homes comprise of a smaller share of the inventory levels especially for properties priced below $500,000.

Overall, the Calgary market has seen the months of supply remain below two months since November of last year, placing significant upward pressure on prices. The benchmark price in April reached $526,700, which is nearly two per cent higher than last month and 17 per cent higher than last year. 

 

 

ABOUT CREB:

CREB® is a professional body of more than 5,100 licensed brokers and registered associates, representing 245  member offices. CREB® is dedicated to enhancing the value,  integrity and expertise of its REALTOR® members. Our REALTORS® are committed to a high standard of professional conduct, ongoing education, and a strict Code  of Ethics and standards of business practice.

For Calgary Metro, CREB® statistics include only Zone A, B, C and D for properties located in Calgary.  Furthermore, all historical data has been  adjusted to the most current information.

Any  use or reference to CREB® data  and statistics must acknowledge CREB® as the source. The board does  not generate statistics or analysis of any individual member or company’s market share. All MLS® active listings for Calgary and area may  be found on the board’s website at www.creb.com.

CREB® is a registered trademark of the Calgary Real Estate Board Cooperative. The trademarks MLS® and Multiple Listing Service® are owned by the Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR® and REALTORS® are controlled by CREA and identify real estate professionals who are members of CREA, and subsequently the Alberta Real Estate Association and CREB®, used  under licence.

Source: www.creb.com

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The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Calgary Real Estate Board.

MLS®, Multiple Listing Service®, and the associated logos are all registered certification marks owned by CREA and are used to identify real estate services provided by brokers and salespersons who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.